(Filed Under wholesale Lingerie News). Transparency Market Research (TMR) has published a report stating “the global lingerie market is likely to be worth $55.83 billion by 2024” up from $33.18 billion in 2015.
According to TMR a growing number of players in the lingerie market from around the globe is “leading to increased competition in the market. In order to stand alone in the competition, the key players are implementing strategies such as mergers and acquisitions, partnerships, and collaborations. Through these strategies, these players are expanding their global reach as well as product portfolios. The branding and marketing of the lingerie play a crucial role in the sales of lingerie market especially for women. Thus, the key players are focusing on resonating positive image of women through their advertisements and sales campaigns.”
It continued, noting that “The lingerie market is predicted to grow with a robust CAGR of 6.4% over the forecast period from 2016 to 2024 on the back of growing online sales coupled with robust development in the retail sector. The booming e-commerce sector has increased the availability of branded lingerie globally, which is benefiting its sales. Additionally, growing mall-culture coupled with the focus of companies to make a mark with their physical presence globally is augmenting growth of the retail sector. This is one of the key factors fueling growth of the global lingerie market.”
TMR continued, “The factors such as growing disposable income coupled with the desire of improved lifestyle and attention toward the aesthetics are propelling growth of the global lingerie market. The growing demand for bust-sized bras, which offers extra comfort to users is witnessing improved demand. This trend in the market of comfortable undergarments is augmenting demand for intimate apparels. This is further helping the bra segment to stand in the front line in terms of revenue. However, incidences of skin allergies due to local or renowned clothing materials are restraining growth of the global lingerie market. Nonetheless, the rising availability of numerous material-based appeals is offering a solution to overcome this hindrance. Moreover, lingerie is considered as a necessity of both men and women globally. Thus, dependency for functional comfort and aesthetic are driving growth of the lingerie market.”
The report pointed to the “increasing number of fitness freaks globally especially across developing countries through sports activities, athletics, and gym exercises is rising substantially. These activities require customized and special lingerie, which offer extra comfort and support, consequently augmenting demand for special lingerie for sports. In order to cater to this demand, the key players are offering customized appeals, which are aesthetical and more comfortable.”
TMR concluded, “Regionally, the lingerie market in Europe is dominating the overall market owing to high adoption from the region. Further, the presence of a large number of key players in the region has led to this growth. However, demand from Asia Pacific is primarily driving the growth of the global lingerie market owing to high adoption of branded lingerie in the region.”
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